EU talks on Russian oil import embargo could extend into June, signals Hungary - BBG

Joel Frank Independent Analyst

Deadlocked talks between European Union (EU) nations aimed at reaching an agreement on an embargo of Russian oil imports could extend into June, Hungary has signaled according to Bloomberg sources. Hungary is at present the main roadblock to a deal that would see the EU phase out most of its Russian oil imports within the next few months, as it continues to prioritize domestic energy security.

Analysts had previously touted an EU council summit meeting on 30-31 May as a god opportunity for leaders to come to an agreement on the embargo. The latest signals from Hungary will dampen expectations for a month-end breakthrough.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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